Zacks: Brokerages Expect Pennantpark Floating Rate Capital Ltd (PFLT) Will Post Quarterly Sales of $22.06 Million

Equities analysts expect Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) to post $22.06 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Pennantpark Floating Rate Capital’s earnings. The highest sales estimate is $22.37 million and the lowest is $21.75 million. Pennantpark Floating Rate Capital reported sales of $14.84 million during the same quarter last year, which would suggest a positive year over year growth rate of 48.7%. The business is expected to report its next quarterly earnings results on Thursday, February 14th.

According to Zacks, analysts expect that Pennantpark Floating Rate Capital will report full year sales of $89.49 million for the current fiscal year, with estimates ranging from $87.12 million to $91.85 million. For the next fiscal year, analysts anticipate that the company will post sales of $93.01 million, with estimates ranging from $87.02 million to $99.00 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for Pennantpark Floating Rate Capital.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings results on Wednesday, November 14th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.02. Pennantpark Floating Rate Capital had a return on equity of 7.76% and a net margin of 46.39%. The business had revenue of $21.30 million for the quarter, compared to analyst estimates of $19.92 million.

PFLT has been the topic of several recent research reports. Maxim Group raised their price target on Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the stock a “buy” rating in a research report on Friday, August 10th. ValuEngine cut shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Friday, September 14th. Zacks Investment Research cut shares of Pennantpark Floating Rate Capital from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 16th. BidaskClub raised shares of Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, November 13th. Finally, LADENBURG THALM/SH SH raised shares of Pennantpark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Friday, November 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $14.63.

PFLT opened at $12.63 on Friday. Pennantpark Floating Rate Capital has a 1 year low of $12.00 and a 1 year high of $14.13. The company has a market cap of $492.02 million, a P/E ratio of 11.92 and a beta of 0.50.

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 19th will be paid a $0.081 dividend. The ex-dividend date of this dividend is Tuesday, December 18th. This represents a $0.97 annualized dividend and a dividend yield of 7.70%. This is a boost from Pennantpark Floating Rate Capital’s previous monthly dividend of $0.08. Pennantpark Floating Rate Capital’s payout ratio is currently 98.11%.

Several institutional investors and hedge funds have recently made changes to their positions in PFLT. LGT Capital Partners LTD. lifted its position in shares of Pennantpark Floating Rate Capital by 28.3% in the third quarter. LGT Capital Partners LTD. now owns 770,000 shares of the asset manager’s stock valued at $10,126,000 after acquiring an additional 170,000 shares in the last quarter. Sound Income Strategies LLC lifted its position in shares of Pennantpark Floating Rate Capital by 12.6% in the third quarter. Sound Income Strategies LLC now owns 1,043,505 shares of the asset manager’s stock valued at $13,722,000 after acquiring an additional 117,138 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Pennantpark Floating Rate Capital by 12.1% in the third quarter. Advisors Asset Management Inc. now owns 393,175 shares of the asset manager’s stock valued at $5,170,000 after acquiring an additional 42,346 shares in the last quarter. Standard Life Aberdeen plc purchased a new position in shares of Pennantpark Floating Rate Capital in the third quarter valued at about $278,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Pennantpark Floating Rate Capital in the third quarter valued at about $266,000. 33.64% of the stock is currently owned by institutional investors.

Pennantpark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S.

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Earnings History and Estimates for Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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